Jurisdictions involved
Asia
The business and background
KrisEnergy is an independent upstream oil and gas company with a portfolio of exploration, appraisal, development, and production assets.
Based in Asia, it holds interests in 13 licenses (three of which are producing assets), covering a gross acreage of approximately 33,124 square kilometres. With a production capacity of approximately 10,691 barrels of oil per day, it is a key player in Asia’s oil and gas industry.
We were appointed as liquidators by the Court following a failed attempt to restructure via a scheme of arrangement following a downgrade to one of its key assets.
What we did
We quickly assessed the multiple litigation and arbitration proceedings against the company to determine if it was in the interest of the creditors to continue, and also initiated investigations into multiple M&As and other transactions that took place in the lead-up to liquidation. Once we fully understood the position, we began work to prepare documentation for litigation funders to assess the feasibility of claims that we may have as liquidators against various parties.
To ensure a good outcome, we engaged early with multiple subsidiaries of the company throughout Asia to secure operating assets, including producing fields and vessels.
The outcome
This engagement is ongoing.
